The Formula for Business Success is Simple
Yeah, sure. That’s what you probably thought when you read this blog post title.
Nothing in business is simple, right? Experts will offer advice that relates to what they’re selling. They promise the moon if you do what they say.
But, the formula is rather simple.
But, before I give it away, here’s an example to set the stage:
We’ve used the same cleaning company for years. We like the young owner and have coached him on marketing and business best practices.
The problems lie in the actual cleaning service.
- The cleaning crew has changed several times.
- New cleaners have not always been well-trained.
- The cleaners often missed places they should have done.
- A supervisor doesn’t always conduct a check before the crew leaves.
- The owner has apologized several times but we keep experiencing lapses.
What would you do if this were your cleaning company? Chances are you would hire a new company. And, why?
- Inconsistent service.
- Too many apologies.
- No evident checks and balances in its operations.
- High on promises, low on consistent delivery.
We happen to live and work in a competitive service environment. There are many cleaning companies eager to take on new customers. That puts this company at risk for failure.
Should it solve its problems by marketing more? By taking on new customers? No.
Here’s the simple formula to business success. Drum roll, please…
- Write a business and marketing plan.
- Put aside ample funding until you have enough revenue to offset expenses.
- Provide a product or service at a competitive price that fulfills a need in the marketplace.
- Provide it with consistency and quality.
- Stay on top of customer complaints and quickly nip them in the bud! Do not repeat.
- Communicate with customers. Ask them for feedback and make appropriate changes.
- Under promise and over deliver.
Is this formula going to guarantee your business success? No. But, it sure can help grow your business based on positive word-of-mouth referrals.
There’s no point in marketing a company unless this formula is in place. Without it, you can spin your wheels, creating aggravation and stress. And, that doesn’t include the damage done to your business’ brand reputation.
In business, words matter only when actions follow. If your actions are hollow and inconsistent, it can spell doom.
Entrepreneurs and business owners don’t plan to fail; rather, they fail to plan (which causes them to fail).” (Dave Lavinsky, growthink)
About 50% of small businesses fail in the first four years. (Source: Bureau of Labor Statistics) What contributes to this statistic?